With social distancing and contactless business transactions becoming the norm during the Coronavirus pandemic, many consumers have turned to mobile apps to improve accessibility. Mobile payment service Venmo is now making the ease of virtual payments a permanent feature by rolling out a new small business platform.
Venmo is launching “Business Profiles”, a payment feature that allows small businesses to set up their own profiles and accept customer payments for products and services on the app. Using the service, small business owners can send unique QR codes via Airdrop or Venmo links to customers, allowing them to facilitate a contactless purchase. Venmo’s feature enables small businesses to expedite payments which could ease the purchase friction that has increased during the Coronavirus pandemic, according to a Gartner report. Businesses that create a Business Profile can also track consumer insights, including company transactions and customer database.
By allowing small business owners to set up shop on Venmo, which boasts 52 million users, the app could help small brands attract new customers without having to embark on large advertising campaigns or expensive partnerships. The feature also allows individual business owners who already have a personal Venmo account to add a Business Profile without having to set up a separate login. Venmo’s feature follows in the footsteps of larger retailers, including Walmart and Amazon, which have introduced contactless payment options to meet consumer cleanliness concerns during the pandemic. The feature also parallels moves made by Instagram and Facebook, which have introduced tech tools to help small businesses during the crisis. For now, Venmo is only releasing the feature to select businesses, but plans to extend it to more in the near future.
Venmo’s new tool creates a safe alternative to conducting business during the Coronavirus pandemic. As the outbreak continues to fuel consumer health concerns, creating a contactless path to purchase could push more consumers and small businesses around the world to adopt Venmo’s new payment system.